Enterprise Projects Receive Industry Recognition for Tax Credit Housing Developments
Affordable Housing Tax Credit Coalition Sponsors Annual Competition
Columbia, Md., (June 22, 2006) – Enterprise Community Investment, Inc. (Enterprise) announced today that three Enterprise-syndicated low-income housing tax credit (LIHTC) properties were recognized by the Charles L. Edson Tax Credit Excellence Awards sponsored by the Affordable Housing Tax Credit Coalition. One of the properties won top honors and two others earned honorable mentions in their respective categories. The awards are presented annually to outstanding LIHTC projects in four categories. Victory Tower in Takoma Park, Md., was named winner in the Seniors Housing category. Denny Park Apartments in Seattle, Wash., and University Neighborhood Apartments in Berkeley, Calif., each received honorable mentions in the Metropolitan/Urban and Special Needs categories, respectively.
"We're honored to be associated with the outstanding developers who made these projects possible," said Jeff Donahue, president and CEO of Enterprise Community Investment, Inc. "These awards reflect our commitment to helping people by creating communities that are healthy, sustainable and more vibrant than ever. We do that by working with developer and investor partners who understand the value of affordable and supportive housing for all Americans—often those who need a helping hand the most."
The Victory Tower development consists of a substantially rehabilitated 12-story apartment building, which preserved 187 units of housing for very low-income seniors. The developer, Victory Housing, Inc., used an innovative financing structure to prepay an existing Section 202 loan from the U.S. Department of Housing and Urban Development and to refinance using low-income housing tax credits. Residents of Victory Tower enjoy newly renovated, affordable apartments as well as a library and computer center, large sunroom with an adjacent conference area, multipurpose room, exercise and wellness center and a beauty salon. Outdoor amenities include a patio, gazebo and picnic area.
Freddie Mac provided low-income housing tax credit equity for Victory Tower through Enterprise's Freddie Mac Equity Plus II fund. Additional financing sources included loans from United Bank and Montgomery County, and seller financing from the Montgomery County Revenue Authority.
As the Seniors Housing category winner, Victory Tower will receive $5,000 from the Affordable Housing Tax Credit Coalition to help bring additional services, facilities or amenities to residents.
Denny Park Apartments provides 50 new housing units for families in the South Lake Union area of Seattle. Developed by the Low Income Housing Institute, Denny Park features green building benefits that promote the health of residents and conserve energy, water and natural resources. Maximizing natural light, conserving storm water for irrigation and improving indoor air quality through ventilation are just a few of Denny Park’s green features. The building’s no smoking policy promotes health and clean indoor air as well.
Denny Park is an investment of Enterprise’s Community Housing Alliance fund with investments from Bank One, Freddie Mac, and U.S. Bancorp.
Affordable Housing Associates (AHA) developed University Neighborhood Apartments, applying the principles of "universal design" to create 27 units of housing for those with special needs. Universal design, which promotes a truly integrated housing community with fully accessible living spaces and common areas for all residents, enabled AHA to address two key housing issues: the segregation of people with disabilities and the lack of affordable housing for low-income families and families with a disabled member.
U.S. Bancorp Community Development Corporation made the low-income housing tax credit investment in University Neighborhood Apartments through Enterprise’s U.S. Affordable Housing Fund.
Enterprise Community Investment, Inc. (Enterprise) is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. Enterprise leverages low-income housing, new markets and historic rehabilitation tax credits, short- and long-term debt, and development services to capitalize projects that make a catalytic difference in communities. For over two decades, Enterprise has privately raised $7 billion in capital to finance affordable housing, create vital communities and help transform the lives of low-income Americans, particularly those at the lowest end of the economic scale. Currently, Enterprise is investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
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